Phase II Study of Neoadjuvant and Adjuvant Exemestane in Postmenopausal Women With Locally Advanced Hormone Receptor-Positive Breast Cancer

DISEASE CHARACTERISTICS: * Histologically or cytologically confirmed breast cancer * Locally advanced disease (stage II or III) * Not amenable to breast-conserving therapy at the time of diagnosis * Measurable disease meeting 1 of the following criteria: * Bidimensionally measurable palpable lesion at least 1 cm by caliper * Unidimensionally measurable lesion at least 1 cm by a positive mammogram, ultrasound, or MRI * No evidence of disease outside the breast or chest wall except ipsilateral axillary lymph nodes * Hormone receptor status: * Estrogen and/or progesterone receptor positive PATIENT CHARACTERISTICS: Age * Postmenopausal Sex * Female Menopausal status * Postmenopausal, defined as any of the following: * Over 60 years of age * Over 45 years of age with an intact uterus and amenorrhea for more than 12 months * Prior hysterectomy with follicle-stimulating hormone levels within the postmenopausal range * Prior ovarian ablation (i.e., bilateral surgical) Performance status * ECOG 0-3 Life expectancy * Not specified Hematopoietic * Not specified Hepatic * Bilirubin less than 1.5 times upper limit of normal (ULN) Renal * Creatinine less than 2 mg/dL Other * No other prior or concurrent cancer except nonmetastatic nonmelanoma skin cancer, carcinoma in situ of the cervix, or cancer cured by surgery within the past 5 years PRIOR CONCURRENT THERAPY: Biologic therapy * No prior biologic therapy for breast cancer Chemotherapy * No prior chemotherapy for breast cancer Endocrine therapy * No prior hormonal therapy for breast cancer Radiotherapy * No prior radiotherapy for breast cancer Surgery * Not specified